A limited partnership:
A) has an unlimited life.
B) can opt to be taxed as a corporation.
C) terminates at the death of any one limited partner.
D) has at least one partner who has unlimited liability for all of the partnership's debts.
E) consists solely of limited partners.

Question

Quizplus · Accepted Answer

A limited partnership has at least one partner (the general partner) who has unlimited liability for all of the partnership's debts, while the limited partners have limited liability. It does not have an unlimited life and can terminate at the death of any one partner. It cannot opt to be taxed as a corporation. It may consist solely of limited partners, but it must have at least one general partner with unlimited liability.

A Limited Partnership